Gold Futures: Upside seen contained

Traders scaled back their open interest positions in gold futures markets for the second session in a row on Tuesday, this time by around 4.1K contracts in light of preliminary figures from CME Group. Volume, instead, reversed Friday’s pullback and rose sharply by nearly 154K contracts.

Gold remains supported by $1,800/oz

Gold closed Tuesday’s session with small gains amidst an inconclusive price action and shrinking open interest. That said, extra gains look somewhat contained in the very near-term, while the next resistance lines up at $1,900 per ounce and decent support so far emerged in the $1,800 neighbourhood.